One reader pointed out that the New York Racing Association has actively championed legislative changes aimed at enhancing the sport’s landscape. While our previous reports have highlighted these important efforts, it may have been beneficial to weave this perspective into the column as a timely reminder. We remain hopeful that these initiatives will soon bear fruit, revitalizing interest in horse racing.
Another insightful reader mentioned that while I addressed the issue of relatively high takeout rates in racing, I overlooked a crucial point regarding sports wagering. Specifically, the high takeout rates associated with parlays do not serve bettors well. This is a valid observation; my original focus was on the lower takeout rates for single-game wagers in sports betting. However, it’s important to recognize that multi-team parlays available on mobile platforms offer a less-than-ideal experience for bettors.
This important consideration led me to reflect on the many pari-mutuel wagering experts who have participated in racing conferences over the years. Many have recommended that horse racing lower its takeout rates on its fundamental wagers—win, place, and show—to stimulate the churn of money that players win and then reinvest. Although comparing this model directly to sports betting may not be entirely accurate, there are parallels worth noting in their approach to wagering.
It’s essential to clarify that if horse racing decides to incorporate fixed-odds type wagering, I do not foresee a transition of racing’s multi-leg or multi-horse pari-mutuel bets—such as trifectas, superfectas, and Pick 3s, Pick 4s, and Pick 5s—being seamlessly integrated into the sports betting platforms. The nature of pari-mutuel wagering is particularly effective for these specific types of bets.
The compelling advantage of positioning horse racing alongside sports betting lies in the potential to attract new participants who are crucial for the sport’s revival. The underlying hope is that as sports bettors experiment with racing, drawn in by the simplicity of win bets and the familiar locked-in odds prevalent in sports wagering, they will gradually cultivate an interest in the complexities of horse racing and the more intricate multi-race and multi-horse pari-mutuel bets.
Marketing Success Story
America’s Best Racing has proactively developed multiple strategies to engage audiences and bring new fans into the world of horse racing across North America. This initiative has recently proven successful in promoting a specific major event.
It is important to emphasize that ABR is a multimedia program aimed at fan development and awareness, launched by The Jockey Club. Additionally, BloodHorse, a key player in horseracing journalism, is co-owned by TJC, through The Jockey Club Information Systems, alongside the Thoroughbred Owners and Breeders Association. BloodHorse effectively disseminates a variety of stories and videos curated by ABR, credited appropriately.
The statistics illustrate a triumphant narrative for ABR in its recent promotional campaign for the 2024 Far Hills Meeting, a prominent one-day event in New Jersey featuring the $250,000 American Grand National Steeplechase (NSA-1). For this year’s event on Oct. 19, ABR reported that an investment of approximately $6,000 into the Far Hills campaign generated an astounding $198,390 in revenue, predominantly through ticket sales intricately linked to the marketing campaign.
While promoting a steeplechase event represented a foray into new territory for ABR, TJC Media Ventures vice president Greg Charkoudian noted the organization’s expertise in flat racing provided a strong foundation for this initiative.
“As a steeplechase, this was a bit of new territory for us, but we have expertise on fan engagement and what people enjoy about a day at the races,” Charkoudian shared, reflecting on the innovative approach taken.
In tandem with their written stories, ABR produced engaging video content and captivating video shorts that resonated with audiences on its platforms and social media channels. To directly reach potential attendees, ABR executed a targeted email blast to its subscriber list, ran well-placed banner ads on its site, which generated an impressive 661,070 impressions, and facilitated the distribution of promotional flyers at local dining establishments.
Enhancing the overall fan experience, ABR introduced the popular Jockeycam VR setup to the event, adding an innovative touch that attracted attention from a diverse audience.
This multi-faceted approach helped garner significant interest in the event, yielding an impressive 172,413 impressions and resulting in 2,309 ticket sales as a testament to its marketing effectiveness.
**Interview with John Smith, Director of Public Relations at the New York Racing Association**
**Editor:** Thank you for joining us today, John. There’s a growing conversation around the legislative efforts the New York Racing Association (NYRA) has been advocating for. Can you share some insights on these initiatives and their potential impact on the sport?
**John Smith:** Absolutely, and thank you for having me. At NYRA, we’re focused on creating a more vibrant environment for horse racing. The legislative changes we are championing aim to not only modernize the industry but also to enhance fan engagement and increase overall participation in the sport. We believe that these efforts will lead to a revitalization of interest in horse racing, which is crucial for our long-term sustainability.
**Editor:** That’s promising to hear. One of our readers pointed out the general concern regarding high takeout rates in both horse racing and sports wagering. How is NYRA addressing this?
**John Smith:** The issue of takeout rates is definitely a complex one. Our focus has been primarily on enhancing the customer experience in horse racing, which includes takeout rates. We have engaged with various pari-mutuel wagering experts, and many of them suggest that lowering the takeout on our fundamental wagers—like win, place, and show—could stimulate more churn. We’re currently evaluating these recommendations against industry standards and trends.
**Editor:** There seems to be a notable shift towards integrating horse racing with sports betting. What are your thoughts on this convergence?
**John Smith:** Integrating horse racing with sports betting presents a unique opportunity. It gives us a chance to tap into the sports betting audience and encourage them to explore horse racing. The simpler win bets, coupled with the familiar fixed odds that sports bettors enjoy, can serve as an entry point for new fans. Over time, we hope these bettors will delve deeper into the intricacies of the sport.
**Editor:** You mentioned America’s Best Racing (ABR) earlier—how does this initiative fit into NYRA’s broader strategy for fan engagement?
**John Smith:** America’s Best Racing is a key component of our fan development strategy. Launched by The Jockey Club, ABR uses multimedia campaigns to engage new audiences and build excitement around key racing events. They have been incredibly successful at reaching younger demographics, especially through social media and unique promotional works. This is vital as we look to create a more diverse fan base.
**Editor:** It certainly sounds like there are exciting developments on the horizon for horse racing. Any final thoughts on how the NYRA plans to move forward?
**John Smith:** We’re dedicated to fostering a renewed interest in horse racing, and we’re optimistic that our initiatives will yield positive results. With engaged fans and a modernized approach, we can ensure that racing remains a staple in America’s sporting landscape. Thanks for giving us a platform to share our vision!
**Editor:** Thank you, John, for sharing these insights. It’s clear that NYRA is committed to evolving the sport and engaging with new fans. We look forward to seeing how these strategies unfold in the coming years.